Rachel Reeves has unveiled a £26 billion-a-year tax increase in a Budget that was leaked just moments before its official release. Among the key measures, the Chancellor announced a new tax on homes valued over £2 million and confirmed the end of the two-child benefit limit, a policy long criticised by anti-poverty campaigners.

The Budget also freezes income tax thresholds, impacting more than 1.5 million workers, introduces new levies on the gambling industry, and keeps fuel duty frozen until next year. Speaking in the House of Commons, Reeves described the package as "the right choices for a fairer, a stronger and more secure Britain."

Mansion Tax on High-Value Homes

The Chancellor has introduced a "high value council tax surcharge" for properties worth more than £2 million, expected

See Full Page